Exclusive - President DU30’s State Visit To China A ‘Success!’ Set To Bring Home $24 Billion In Investments

President Rodrigo Duterte showed off his business negotiation skills during his visit to China, as he, along with his delegation, are set to go back home to the Philippines with $24 billion worth of investments and deals.

This was according to Department of Trade Secretary Ramon Lopez, who is part of the entourage that accompanied the President to his state visit in Beijing, China.

"Iyong bagong number na nabubuo ngayon, in terms of investments and credit facilities opened, $24 billion – $15 billion noon are investments and iyong $9 billion will be in the form of credit facilities," Lopez told reporters in a chance interview.

"Iyong private-to-private, iyon ang $15 billion. And about $4 billion are MOUs [memoranda of understanding] to be signed later today," he said at a Beijing hotel where they were lodging.

The investments and credit facilities cover a number of sectors, including agriculture, renewable energy, tourism, food, manufacturing, telecommunications, and infrastructure, Lopez added.

The multi-billion dollar deal is set to generate two million jobs for the Philippines, according to an estimate by the Trade Secretary, that is expected to increase over the next 5 years.

Lopez also described the state visit to be “highly-successful” and that it is like “opening a faucet”, referring to the friendship and economic relationship between the two countries.

“From the current 500,000 tourists, we now expect it easily to double or triple in one year or two years so we will need more hotels, more tourism structures, airports, seaports,” said Lopez.

Duterte is on the final day of his state visit to China this Friday. The majority of deals will be signed on that day.